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The ferrous complex carried on with hopeful restock on November 17, 2022:
CISA early November data is out and was poor with a straight dump in output and rising inventories:
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It looks to me like some of the infrastructure pig in the python is clearing out.
The prospects of output falling through new year are growing. This would derail the bullish restock thesis.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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